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Friday, June 10, 2016

Beautiful objects from Joan Rivers' estate being auctioned

Would you like to see some of the beautiful objects collected by people richer than you or I will ever be? In this instance, some of the lovely trinkets and jewelry that were collected by the late comedienne, Joan Rivers, who died in 2014 are being auctioned off by her estate. Click here to see a story - with lots of photos - from www.bloomberg.com. The photo you see here is of a turquoise and pearl Faberge bracelet worth about $10,000. It accompanied the article on www.bloomberg.com and is credited to Christie's.

3 comments:

  1. http://www.dailymail.co.uk/femail/article-3482235/Treasured-items-late-comedian-Joan-Rivers-28-million-Manhattan-penthouse-including-art-jewelry-dresses-expected-fetch-300-000-PIECE-auction.html

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  2. I am an exector of an estate that is selling a house and then choosing a charity to give money to. The deceased used the house a rental property. I want to sell the house to the current tenants who have offered the assessed value sent out by the city this January. My question is how will Capitol Gains Tax amount be assessed. At the end of probate can a higher valued assessment be used to determine what the estate has to pay in Capitol Gains Tax?

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    Replies
    1. Capital gains tax is calculated by subtracting the adjusted cost base (cost of acquiring the property) from the current market value. As a rental property, this house is fully taxable.

      I think you're actually asking me how the current market value is assessed.

      When you began the probate process you would have prepared an inventory of the estate assets, including the rental house. You would have had to base the value of the house on something, and the city assessment is as good as any other place to start. Are you confident that it's a reasonable assessment? Are you prepared to swear under oath that it's the right value? If so, go ahead, and make sure you document your decision by keeping a copy of that assessment in your estate paperwork.

      It does occasionally happen that Canada Revenue Agency finds the sale price of a property too low to be realistic, so I can't say it never happens. Basing on a current city assessment and selling to a non-family member seems like a legitimate method.

      Lynne

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